ACCT 525 Current Issues In Accounting - ACCT 525 DISCUSSION QUESTIONS WEEK 1 – 7 ALL COMBINED, UPDATED LATEST QUESTIONS AND ANSWERS

ACCT-525 Week 1 Discussion Questions Read the article “Ethics Evolution in the Era of Sarbanes-Oxley.” This article is part of the readings for the week and can be found through the DeVry online library. The last sentence of the article says “Maintaining a culture that emphasizes ethics and compliance is challenging.” Do you agree or disagree with this statement? Choose one of the 11 titles in the Sarbanes-Oxley Act of 2002 and describe it. Do you believe this section is an effective deterrent to an accounting scandal? Why or why not? ACCT-525 Week 2 Discussion Questions Describe what you think one of the major milestones in the history of IFRS is. Why do you think this milestone was so important? What are the major types of differences between U.S. GAAP and IFRS? Give an example of each. In your opinion, what are the two most important arguments in favor of allowing IFRS for U.S. public companies? What are the two most important arguments against allowing IFRS for Public U.S. Companies? What do you think the future of IFRS is? Will the U.S. adopt IFRS? If so, when? Do companies that adopt IFRS have to follow all the standards in the first year? What are some possible exceptions? What are some important decisions that must be made when a company transitions to IFRS? ACCT 525 Week 3 Discussion Questions Do you feel that the codification is really necessary, especially given that entire generations of accountants already understood where to find information? Do you think it’s worth the cost? (1) What is the definition provided for inventory? (2) What is a customer? (3) What guidance does the Codification provide concerning reporting inventories above cost? Use Devry’s subscription to the FASB Codification, by going to How are IFRS and the codification related? Do you feel that IFRS adoption could happen without codification? How do U.S. GAAP and IFRS differ in their implementation of accrual accounting? Do you believe the new guidelines will help equity investors and other financial statement users better understand a business’s past and present financial position and assess potential future cash flow? ACCT-525 Week 4 Discussion Questions Read the article “Ethics In Accounting: The Consequences Of The Enron Scandal.” This article is part of the readings for the week and can be found through the DeVry online library. Let’s point fingers for a minute. Who is to blame for Enron? The executives? The Board of Directors? The auditors? Tell us what you think! Please discuss the role of the auditors and board of directors of Enron Are the criminal proceedings of Enron executives a test of Sarbanes-Oxley’s effectiveness? Read the article “Ethics In Accounting.” This article is part of the readings for the week and can be found through the DeVry online library. The first sentence of the article says “Ethics in Accounting is one of the most important, yet most misunderstood, concerns in the world of business today.” Do you agree or disagree with this statement? What are the ethical considerations in this case? What stakeholders are harmed or benefited? Should Andrea continue the practice started by William? Does she have any choice? Who are the stakeholders in this situation? What ethical issues are involved? What are Jennifer’s alternatives? ACCT-525 Week 5 Discussion Questions Describe one of the benefits of XBRL. Can you also name a disadvantage to the use of XBRL? Based on a Literature review please identify why the SEC has been criticized for doing too little to clean up XBRL filings. Discuss the issues about the mandate of XBRL and describe how those issues are being addressed to restore confidence in XBRL and the filing mandate. Go to the XBRL data for your favorite public company using the instructions in the lecture. Tell us the name of the company and what is on their “Document and Entity Information” page? Choose a different company than your classmates! Explain the difference between block tagging” and “detail tagging.” How’s “tagging” applied into financial statements? Describe all the different software tools and explain how they fully exploit XBRL data. ACCT 525 Week 6 Discussion Questions Go to (a) Discuss the Law of “Business Deductions”, (b) Apply the Tax Law of “Business Deductions” for Case Study: Business Deductions? , and (c) Write a Tax Memo for Case Study: Business Deductions? Advise Sally roughly how much tax she must pay and for what year(s). Assume Sally is in the 35% tax bracket for ordinary income and 15% for long term capital gains. Go to In year 1, Joe Josephs, CPA, reviewed Lander Company’s financial statements. However, in year 2, the Lander Company hired Tom Holstrum, CPA, to audit its financial statements. Should Tom meet with Joe, and would Joe be considered as a predecessor auditor? To save both time and audit fees, Mary wants to rely on the state inspectors’ counts instead of her making independent counts thereof. Can Mary do this? ACCT 525 Week 7 Discussion Questions What social, economic, and technology shifts do you think will shape the accounting profession over the next decade? How will they shape the profession? Good or bad? Picture yourself at the end of your career as a successful CPA. What will that look like? What will your history of accounting jobs have been? Will it look like the accounting job of the early 2000s?ACCT 525 Discussion Questions